Cash Back Rewards are the most popular reward cards in Canada and it’s very simple to understand why: they offer the ultimate versatility rewards credit card.
Here is how it works
A cash back credit card gives you an amount of money on your daily expenses, usually a percentage on your purchases. Once the year, the accumulated amount appears as a credit on your credit card statement or in many cases you can deposit it directly into your bank account or receive it by check. You choose how you want to spend it, whether for a trip, items or to boost your savings. With this kind of flexibility, it’s not surprising that more and more Canadians are choosing cash back credit cards around the world with rewards.
Companies have noticed this and there are more options on the market for credit card cash backs than before, including the American Express SimplyCash card, which is one of the best, free of charge credit cards in Canada. The Jenny Credit is a cash back card for Canadians who want to enjoy their spending without having to pay an annual fee. The interest rate on this credit card is 19.75%, and the cash advances are subject to a rate of 21.99% interest. The minimum individual income to qualify for this credit card is just $ 15,000 a year, making it a great choice for Canadians who have not yet had the chance to become high earners.
Because it has an American Express card
It is also compatible with Apple Pay. Sign Up Bonus The American Express Cash Card simply has a sign-up bonus that allows you to start earning points as soon as you start spending. For the first six months, you will earn 5% cash back on gas, groceries, and restaurants, up to a maximum of $ 250. After that, you will earn 1.25% on every dollar spent in other categories.
Exclusive Benefits Having an American Express credit card gives you access to the exclusive American Express Invite program. This program allows you to purchase tickets for concerts and events in advance, reserve your spot for exclusive movie screenings, weekend getaway packages, and get an early notice of in-store shopping deals.
Cash Back While the benefits of exclusive access and insurance described above are great benefits, the real purpose of this credit card is to capitalize on your responsible consumption habits. Remember, you must pay this credit card in full each month otherwise the interest accrued on your purchases may outweigh the cashback rewards you earn. When it comes to making money back, the six months of owning this card will bring you valuable rewards.
During this time
You will earn 5% cash back on gas, groceries, and restaurants. After that, you will earn 1.25% on every purchase, with no upward limit on the amount of rewards you can earn. Here’s an example of how much you could earn with the American Express SimplyCash Card: (large chart)
With the signup bonus and spending habits described above, you’ll earn $ 420 in your first year on your expenses and $ 240 in the following years. The cash back you earn is applied each year as a credit on your monthly statement. Of course, how much money you earn back with this credit card varies according to your individual spending habits. To find out how much you could win with a cash back credit card, use our calculator rewards to compare credit cards in Canada.